Financier invested wealth in education

Freedom New Mexico Education reforms come and go, usually with little impact. But one person who made a difference for the better was Ted Forstmann, who died Nov. 20 in New York City at age 71. Forstmann made a fortune through investment firms and other businesses. He also criticized junk bonds as too risky. And […]

More scrutiny sought for SIC contracts

By Kate Nash: The New Mexican A movement this session to put more eyes on contracts issued by the State Investment Council means potential contractors could face extra scrutiny before landing deals with the state. At least one current contractor says he doesn’t mind the extra attention. Brian Birk, managing partner at Santa Fe-based Sun […]

Bill would seek more scrutiny on public contracts

By Kate Nash: The Santa Fe New Mexican Records show that a contract between the State Investment Office and an international law firm has been amended six times since 2005, boosting the original $30,000 cost to $5.8 million. The deal — which among other things calls for Paul, Hastings, Janofsky and Walker LLP to create […]

Legislative tidbits

Days remaining: 22 Panel to review contract The State Investment Council on Tuesday agreed to have a subcommittee review a multi-million dollar contract with the Paul, Hastings, Janofsky and Walker law firm. As part of the contract, which is drawing scrutiny from state lawmakers this session, the firm is converting thousands of documents — subpoenaed […]

State investment case costs rise to $517,000

By Kate Nash: The Santa Fe New Mexican The state has spent $177,211.56 on legal fees since July 2009 in an alleged pay-to-play case involving the State Investment Office and the Educational Retirement Board, according to records obtained by The New Mexican. The total spent so far is $517,014. The biggest chunk of the legal […]

State official defends investigation fees

By Steve Terrell: The New Mexican State Land Commissioner Patrick Lyons, who also sits on the State Investment Council, on Monday defended the SIC’s request for millions of dollars in additional legal fees to a San Francisco law firm conducting an internal review of documents related to federal investigations of state investment practices. However, some […]

Investment protection not government’s concern

Freedom New Mexico Victims of Bernard Madoff’s $65 billion Ponzi scheme at least have the satisfaction of knowing the man who ruined their lives will die in prison. In June, he received a 150-year sentence at the age of 71. You may remember U.S. District Judge Denny Chin sent a strong message to investment consultants […]

Measure would promote green jobs

The New Mexican Days remaining in session: 30 Green measures: A pair of bills in the Senate, (SB318) and (SB420), aim to promote green jobs in the state. Sen. Eric G. Griego, D-Albuquerque, is carrying the bills. One would require spending of a minimum of $1 million each year from the Development Training Fund for […]

NM investment lawsuit names former governor aide

By Tim Korte: The Associated Press ALBUQUERQUE — A former state investment officer claims Gov. Bill Richardson’s former chief of staff pressured board members to support $90 million in failed investments because of political considerations. Frank Foy on Tuesday identified David Contarino as the previously undisclosed “John Doe 2” in his lawsuit. Contarino later issued […]

Investment firms’ agriculture venture a welcome move

Editorial The New York Times reports that in light of the world food crisis, large private investment funds around the world are going beyond placing bets on agricultural commodities like corn, wheat, soybeans and the like. Several are buying farmland, fertilizer, grain elevators, barges and ships. They figure that although the current run-up in food […]